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July 10, 2022

The Saudis NFT Now Number 1 On OpenSea

The Saudis, a brand-new free mint NFT project, debuted at the top of OpenSea’s charts on its first day, amassing 4,774 ETH. Some 10% of the NFTs were created by one individual, who earned roughly 194 Ethereum. This has clouded the project’s future.

Using “loads of wallets,” Jason Cline discovered that the wallet used to sell NFTs on OpenSea had utilized “bot the free mint” to transform about $16,000 in gas costs into $234,000 in less than a day.

Analysis of the wallet led researchers to determine that 0x8026 had undertaken similar operations in the past. There have been several projects that have fallen victim to the scalper in the past, such as Crypto Dads and Tubby Cats. Other initiatives like Galaxy Eggs and Shroomz have also been prey to the scalper. Once the mints are bottled, they are sent to 0x8026, where they may be traded on OpenSea. As of right now, the wallet has 194 ETH in it, although it peaked at 464 ETH in February of last year.

Tubby Cats NFTs were snatched from the deployer by a smart contract held via 0x8026 in February and sent to the wallet. For $1.4 million in Ethereum, the contract bought 1,240 Tubby Cats. To distribute the money, the Disperse app was used.

Scammers have been draining the wallets of Saudi Discord users who were tagged in a public channel.

@everyone and @here are often restricted to officially recognized accounts exclusively by Discord administrators. The scammer “tagged everyone” and gave a link in general chat saying it was a two-stage process, according to other users, who claim they “should mint before it mints out.” Unfortunately, the trick worked on some people, and money was stolen from their accounts.

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Again, inadequate Discord security has resulted in wallets belonging to NFT enthusiasts being lost. During a frenzied free mint like this, users must act quickly to get their NFT before it sells out. As a consequence, URLs and smart contract permissions aren’t always checked as thoroughly before a request is signed.

Despite the problems, the price of the Saudis project remains at 1 ETH, with a best offer of 0.97 ETH.